With a history deeply connected to Hollywood’s Golden Age, Beverly Hills is one of the most recognized suburbs of Los Angeles County. It’s home to over 32,000 residents (U.S. Census Bureau) and forms part of the prestigious Platinum Triangle, alongside the luxurious Holmby Hills and Bel Air.
Living in Beverly Hills often means embracing an upscale lifestyle with private neighborhoods, world-famous shopping and dining, and palatial homes that signify success and luxury. If you’re thinking about buying a property here, this blog will guide you through the essentials for first-time home buyers.
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BEVERLY HILLS MARKET SNAPSHOT
In July 2024, the median listing price for homes for sale in Beverly Hills, CA was $5 million, reflecting a 26.4% decrease from the previous year. Homes sold at a median price of $2.8 million, with properties typically remaining on the market for around 63 days. Prospective homebuyers can choose from a variety of options, including single-family homes, condos, and multi-family properties.
While these figures indicate a shift in the market from the previous year, Beverly Hills continues to attract a strong interest from buyers. Five percent of those searching for homes in Beverly Hills are from outside the metro areas, and a significant 79% of buyers are looking to remain within the city, reflecting its enduring appeal.
Additionally, Beverly Hills’ home appreciation rate remains higher than in many other California cities, with a total appreciation of 220.06% since 2000 and 8.09% since last year.
THE BEVERLY HILLS LIFESTYLE
NEIGHBORHOODS. Beverly Hills is home to several notable neighborhoods:
- Trousdale Estates is an A-lister favorite. The gorgeous hillside community is home to historic mid-century modern masterpieces crafted by some of the most well-known architects of their time.
- The Flats is quintessential California with its palm tree-lined streets and beautiful landscaping. The name comes from these ultra-wide, level streets, which make it easy for residents to go for a jog, walk their dogs, or take their strollers out.
- South of Wilshire and South Beverly Drive is home to single-family homes as well as condos and apartments. Most residences are a short distance from bakeries, cafes, and restaurants.
SHOPPING AND DINING. No matter where you live in Beverly Hills, you’re only a few minutes from some of the best shopping and dining in LA County. Rodeo Drive carries iconic names in fashion, such as Dior, Prada, Gucci, and Armani. South Beverly Drive, just below Wilshire Boulevard, is more eclectic with its trendy cafes and eateries.
On the dining front, Wolfgang Puck’s Spago on Canon Drive serves delicious California cuisine in a chic atmosphere. Matū is the place to go for incredible steak, specifically grass-fed wagyu. For gourmet wine, head to Wally’s, and for high tea, The Peninsula’s Afternoon Tea is an experience you can’t miss.
TRANSPORTATION. Beverly Hills’ central location means locals have easy access to a variety of transportation options. Just 28 minutes (or about 15.6 miles) away via I-405, Los Angeles International Airport (LAX) is the closest major airport. Union Station in downtown Los Angeles is another key hub, connecting Beverly Hills to various parts of Southern California and beyond.
Within Beverly Hills itself, getting around is a breeze. The city is known for being pedestrian-friendly, so many of its attractions, shops, and restaurants are easily accessible by foot.
HOME BUYING STEPS AND TIPS
Choose the Right Neighborhood
Think about how each area fits your daily routine – whether it’s the commute to work, nearby amenities, or even top schools. A knowledgeable real estate agent can help you pinpoint the neighborhood that matches your lifestyle and future plans.
Know the Financing Options for a Luxury Home
Financing a luxury home differs significantly from obtaining a traditional mortgage. Properties in high-value areas like Beverly Hills often require a jumbo loan, which is suitable for high-value properties that exceed the limits established by the Federal Housing Finance Agency (FHFA). Because jumbo loans aren’t eligible for purchase by Fannie Mae or Freddie Mac, they carry more credit risk for lenders. As a result, lenders usually require a higher credit score, a larger down payment (often 20% or more), and more stringent financial documentation.
A few other options include:
- Portfolio Loans. Offered by private lenders, these loans are often kept in-house rather than sold on the secondary market, which allows for more flexible terms, catering to the unique needs if luxury home buyers.
- Private Bank Financing. Many luxury buyers favor loans from private banks due to their personalized service and flexible terms. These banks often provide customized lending solutions based on the buyer’s overall financial picture.
- Cash Offers. Many luxury buyers opt to purchase properties with cash. In competitive markets like Beverly Hills, cash offers can be particularly advantageous as they make your bid more attractive to sellers and can significantly speed up the closing process.
Get Pre-Approval
Pre-approval shows sellers that you are a serious buyer with the financial backing to make a strong offer. It also gives you a clear understanding of how much home you can afford, streamlining your search to properties within your price range.
What’s needed: To get pre-approved, you’ll need to provide documentation of your income, assets, credit history, and other financial details.
Work with a Luxury Realtor
Navigating homes for sale in Beverly Hills, CA requires expertise in luxury home purchases. It’s crucial to partner with a seasoned real estate professional who understands this specialized market.
An experienced agent will have access to off-market listings and insights into upcoming developments, helping you stay ahead of the competition. Their negotiation skills can also help you secure the best deal, even in competitive bidding scenarios.
Making a Strong Offer
Presenting a compelling offer requires more than simply matching the asking price. Here are key strategies to ensure your offer stands out:
- Be competitive. In a hot market, bidding over the asking price might be necessary, especially for in-demand properties. Research recent comparable sales to determine a competitive bid.
- Include an escalation clause. This allows your offer to automatically increase by a predetermined amount if a competing offer exceeds it, up to a specified maximum. This can help your offer stay competitive without needing to constantly renegotiate.
- Flexible closing timeline. Sellers often appreciate flexibility. Offering to close quickly or giving them additional time to move out can make your offer more attractive.
MISTAKES TO AVOID IN BUYING YOUR FIRST LUXURY HOME
First-time luxury buyers often fall into common traps. Make sure to avoid these mistakes:
- Paying too much for the property. It’s crucial to research comparable properties in the neighborhood to avoid overpaying. Analyze recent sales and current listings to gauge a fair market value for the home you’re interested in.
- Skipping due diligence. Don’t be swayed by aesthetics alone. Conduct thorough inspections and ensure the property meets all your long-term needs, including factors like proximity to amenities and potential for future appreciation.
- Overextending your budget. Luxury homes come with higher maintenance costs, property taxes, and insurance premiums. Be sure to factor these into your budget to avoid future financial strain.
- Rushing the process. Take your time. The Beverly Hills market may be competitive, but rushing or making an emotional decision can lead to costly mistakes. Take time to thoroughly evaluate each property and work closely with your real estate agent to ensure you’re making informed decisions.
DISCOVER YOUR DREAM HOME IN BEVERLY HILLS, CA
Find your dream home with a trusted real estate expert. With over 30 years of professional experience, Florence Mattar can help you navigate the local market and discover the finest homes for sale in Beverly Hills, CA.
Schedule a personalized consultation with Florence at 310.927.2777 or through our website.